Agriterra sees significant development at South Omo oil project

8/24/2012

Agriterra sees significant development at South Omo oil project

BY RAZAK BABA

LONDON--Agriterra, an AIM listed pan African agricultural company, friday reported a significant development in respect of the 29,465 sq km South Omo Block in Ethiopia. As announced by Africa Oil, an independent assessment of the prospective oil resources of the South Omo block has produced a total "gross unrisked prospective resource" estimate of 2,700 mb on the South Omo block.

Sabisa-1, the first well planned for the South Omo block, is targeted to be drilled by the end of 2012, following Tullow's rig contract negotiations in Ethiopia, which are nearing conclusion. Agriterra holds a 20% legacy working interest, along with Africa Oil holding a 30% interest and Tullow holding a 50% interest.